GUY DESAUW: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GUY DESAUW
Largest movements
- Receivables within one year +€67,228
up €67,228 (+37.5%), from €179,269 to €246,497
of which Other amounts receivable: +€40,270
- Cash -€52,917
down €52,917 (-19.5%), from €270,981 to €218,064
mainly Trade debts (-€142,293) and Receivables within one year (-€67,228)
- Tangible fixed assets -€37,590
down €37,590 (-14.9%), from €252,796 to €215,206
of which Plant, machinery and equipment: -€22,296
- Trade debts -€142,293
down €142,293 (-65.1%), from €218,522 to €76,229
- Reserves +€131,117
up €131,117 (+36.7%), from €357,535 to €488,652
of which Distributable reserves: +€131,117
- Current portion of long-term debt +€40,388
up €40,388 (+89.1%), from €45,333 to €85,721
- Debts after one year -€25,333
down €25,333 (-35.0%), from €72,445 to €47,111
- Tax, wage and social debts -€21,042
no longer reported in 2025 (was €21,042)
- Gross operating margin +€80,679
up €80,679 (+49.6%), from €162,498 to €243,177
- Taxes +€40,800
up €40,800 (+194%), from €21,042 to €61,841
- Depreciation +€13,568
up €13,568 (+48.9%), from €27,734 to €41,302
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €748,131 | €723,105 | -€25,025 | -3.3% |
| Fixed assets | 21/28 | €257,836 | €219,302 | -€38,534 | -14.9% |
| Intangible fixed assets | 21 | €5,040 | €4,096 | -€944 | -18.7% |
| Tangible fixed assets | 22/27 | €252,796 | €215,206 | -€37,590 | -14.9% |
| Land and buildings | 22 | €160,574 | €143,107 | -€17,467 | -10.9% |
| Plant, machinery and equipment | 23 | €91,789 | €69,493 | -€22,296 | -24.3% |
| Furniture and vehicles | 24 | €433 | €2,606 | +€2,173 | +502% |
| Current assets | 29/58 | €490,295 | €503,803 | +€13,509 | +2.8% |
| Stocks and contracts in progress | 3 | €39,328 | €38,504 | -€824 | -2.1% |
| Stocks | 30/36 | €39,328 | €38,504 | -€824 | -2.1% |
| Amounts receivable within one year | 40/41 | €179,269 | €246,497 | +€67,228 | +37.5% |
| Trade receivables | 40 | €155,148 | €182,106 | +€26,958 | +17.4% |
| Other amounts receivable | 41 | €24,121 | €64,392 | +€40,270 | +167% |
| Cash at bank and in hand | 54/58 | €270,981 | €218,064 | -€52,917 | -19.5% |
| Deferred charges and accrued income | 490/1 | €717 | €738 | +€21 | +3.0% |
| Total equity and liabilities | 10/49 | €748,131 | €723,105 | -€25,025 | -3.3% |
| Equity | 10/15 | €379,785 | €510,902 | +€131,117 | +34.5% |
| Contributions | 10/11 | €22,250 | €22,250 | = | 0.0% |
| Reserves | 13 | €357,535 | €488,652 | +€131,117 | +36.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €338,785 | €469,902 | +€131,117 | +38.7% |
| Amounts payable | 17/49 | €368,346 | €212,203 | -€156,143 | -42.4% |
| Amounts payable after more than one year | 17 | €72,445 | €47,111 | -€25,333 | -35.0% |
| Financial debts | 170/4 | €72,445 | €47,111 | -€25,333 | -35.0% |
| Amounts payable within one year | 42/48 | €295,901 | €165,092 | -€130,810 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €45,333 | €85,721 | +€40,388 | +89.1% |
| Trade debts | 44 | €218,522 | €76,229 | -€142,293 | -65.1% |
| Suppliers | 440/4 | €218,522 | €76,229 | -€142,293 | -65.1% |
| Taxes, remuneration and social security | 45 | €21,042 | - | -€21,042 | |
| Taxes | 450/3 | €21,042 | - | -€21,042 | |
| Other amounts payable | 47/48 | €11,004 | €3,142 | -€7,862 | -71.5% |
| Remuneration, social security and pensions | 62 | €2,283 | - | -€2,283 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,734 | €41,302 | +€13,568 | +48.9% |
| Other operating charges | 640/8 | €4,415 | €4,166 | -€249 | -5.6% |
| Gross operating margin | 9900 | €162,498 | €243,177 | +€80,679 | +49.6% |
| Operating profit (loss) | 9901 | €128,065 | €197,709 | +€69,643 | +54.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,735 | €4,750 | +€15 | +0.3% |
| Recurring financial charges | 65 | €4,735 | €4,687 | -€48 | -1.0% |
| Non-recurring financial charges | 66B | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €123,331 | €192,959 | +€69,628 | +56.5% |
| Income taxes | 67/77 | €21,042 | €61,841 | +€40,800 | +194% |
| Profit (loss) for the period | 9904 | €102,289 | €131,117 | +€28,828 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,289 | €131,117 | +€28,828 | +28.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.